If the Costs of Coordination and Enforcement Are _______________ the Surplus

question 31

Multiple Choice

If the costs of coordination and enforcement are _______________ the surplus lost to the externality,then ________________.

• A) higher than; a private solution will not work
• B) lower than; a private solution will not work
• C) higher than; a private solution will work
• D) None of these statements is true.

Identify and construct contrapositive, converse, and equivalent propositions.

Understand the implications of hypothetical, categorical, and disjunctive propositions.

Analyze the validity of syllogisms and recognize common logical fallacies.

Recognize and differentiate between types of hypothetical syllogisms (modus ponens, modus tollens, invalid forms).

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Definitions:

Positive

A term that can refer to a favorable outcome or condition, or in statistics, a correlation where two variables move in the same direction.

Marginal Product

The extra production yielded from the use of one additional unit of a specific input while keeping all other inputs unchanged.

Labor

Refers to human effort, both physical and mental, used in the production of goods and services.

Output

Output is the quantity of goods or services produced by a company, industry, or economy within a specified period.